Image Map

Kiplinger Tax Letter Excerpts

Posted by Predovich & Company

Filing Reminders - The deadline for changing your mind on a 2013 Roth conversion is nearing.  You have until October 15, 2014 to undo the switch and recover the tax paid on the conversion.  That can save money if the balance in your Roth has fallen since you did the conversion.  If you've already filed for 2013, you can recover the tax that you paid on the conversion by filing Form 1040-X with the IRS.  You must then wait 30 days before you can reconvert the funds in the regular IRA back to the Roth IRA.  If you filed an extension, October 15th is also the due date for several actions:  Filing your 2013 tax return, setting up a SEP and contributing money to it for 2013, and making a 2013 pay-in to a Keogh plan that was established before January 1, 2014.  You cannot make a 2013 contribution to an IRA now, that deadline was April 15.

Source: The Kiplinger Tax Letter 8/15/2014 - Vol. 89, No. 17


Post a Comment